Often we are so in love with our prospective spouses that we can't contemplate a future where we may have to part ways with them. However, marriage is legally a business partnership, and a prenuptial should be in place just in case that partnership should ever cease to exist. Without such a document your livelihood and assets could be in jeopardy. Take a few cues from these celebrities and try to distill them down to your own life. Do you see any parallels?
Paul McCartney
McCartney did not have a prenup in place when he married Heather Mills, even though she was the one to offer such an agreement at the time. Their divorce cost him $49 Million dollars, and some say it is a pittance of what it may have been had the couple been in the US and not the UK. McCartney got off easy even for the UK, with a net worth of $1.5 Billion.
Tiger Woods
While this is still in process, it is rumoured that Elin Nordegren, Tiger Woods' wife, is entitled to up to half of Tiger's fortune in the event of a divorce. The question is not whether or not she deserves it, but what kind of prenuptial is in place. Some of the terms of the prenup have been violated by Tiger’s behaviour, putting Elin in a good position to renegotiate. She is currently renegotiating to get more money out of Tiger if she stays with him for a longer period of time. It is in Tiger's best interest to keep the marriage together, since key sponsors have already dropped him over his serial affairs, but it will cost him – big time.
Woods has recently checked in to a sex addiction clinic and it has been reported that he and his wife will try to work on their marriage rather than divorcing. One has to wonder if this would still be the outcome were his wife not entitled to half of his earnings.
Steven Spielberg
Spielberg and actress Amy Irving had a prenuptial agreement written on a cocktail napkin with no witnesses. This mistake cost Spielberg the staggering amount of $100 Million at divorce time.
The Takeaway
A prenuptial agreement is designed to protect the partnership and the interests of the party with the most money to lose if such a marriage is to go forward. It is also meant to compensate the party with the least amount of money should something go horribly wrong with the marriage. The Woods example has shown how a prenuptial agreement can be used as a tool to work on a marriage that may have otherwise been in jeopardy.
The main lesson isn't just to have a prenuptial agreement; that is obvious. A prenuptial agreement is necessary in any marriage where there is a premarital business or property involved. The lesson is to have an agreement that is fair to both parties, not just the party with the primary earning power.
Before you take the plunge into marriage, it’s a good idea to consult a Family Law Attorney to protect both of your rights. The Law Office of Gina Calogero has advised many couples on pre-marital and marital matters and can offer these services to you. Contact us today and we can help you decide what type of prenuptial agreement is right to you.